Sundaram BNP Paribas net trebles in Q3

Sundaram BNP Paribas Home Finance Ltd which has tripled its net profit in the third quarter of 2011-12 over the corresponding previous-year period is set to mobilise more funds and expand into new markets.

According to a press release from the company, Sundaram Home hopes to mobilise Rs 100 crore through subordinated debt, Rs 200 crore through bank borrowings, and the company is also planning bilateral sale of part of its loan portfolio.

Sundaram Home has over 75 offices in India and is currently in the first phase of its pan-India network expansion. The company has reported a net profit of Rs 24.66 crore for the quarter December 31, 2011, against Rs 8.02 crore in the corresponding quarter previously. Home loan disbursements jumped 63 per cent to Rs 492.35 crore (Rs 301.65 crore).

Mr Srinivas Acharya, Managing Director, Sundaram Home, said the company has exceeded last financial year's performance in the nine months of the current fiscal and is set to achieve its loan disbursement target of Rs 1,800 crore.

rbalaji@thehindu.co.in